The ECB advocated imposing losses on holders of senior bonds issued by the most severely damaged Spanish savings banks, why mobile phone makers HTC and Nokia might be facing a similar predicament and cash-strapped Spain wants to host the 2020 Olympic

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I ... the the ... London is seems I mean stocks are driving feel in big games but is at fifteen ready and in place when when they start next Friday ... you all watching New Saab GMT life from London on stay McGraw three years the top stories ... now before we terms they lent thinks the Wall Street Journal this morning reports that the European Central Bank ... of the paste imposing losses on hold The seen yet ... palms of the bias of elite damage Spanish bonds if they were to default ... the euro's lead is this a full rejected this idea if a Iranian company would have on the markets ... for the news has big potential indication of credit is ... I'm now joined by Cabral Steinhauser from Brussels the Bel ... um ... what a sunny was the ECB for proposing ... to ... I ... I ... Ch ... I ... I ... the ... Asia ... a free CD white white ... yes ... I ... Ch ... I ... I ... the ... Gupta's our to the tothe cheese were the answer is its banks ... are stained and I didn't ECB thought it was declared dangerous and Jesus Bain to bring to the market that guarantee that was made by the government ... well was a menace does is still very nervous about the Malkenes unwinding why they still rejecting the prize ... I ... well it feels like it will be discussed at least the Monday came pretty close actually wonder if I have ... made it into a memorandum of understanding for Spencer basically that the ... agreement sets up the terms for the bailout deal ... I'm but I think that they had ministers I'm really worried about this and that was sent to the markets and the Spanish banks are not the only bad thing or bad ... so are under pressure or so to suddenly start earning ... senior bondholders what kind of thing in the sun sends to the market at the end when it comes to other banks that might be under pressure and I are investor so that they call out ... from the banks ... right I mean ... it's the surprises well read that comes policy what would this mean for the ball markets ... I ... well let me know ... we always really hard to predict ... Abu market reaction and I think that ... actually there has been very little movement in I'm so that the banker the market in general I love and suggesting most of their money from the ECB ... I'm ... obviously I'm until now senior ... at one sitting in her was that ... in every way station master and no senior bondholder has made any also ask ... me ensure that that policy were key chains and it would actually have the president's four ... and two senior bondholders taking losses that might you know push up interest rates ... on or unsecured act rather banks or are enough reason that the market altogether ... Gabrielle thank you very much for joining us explain the story ... on views of soy Phani and difficult to having with the award in the segment ... now those are the signs that we can do some fun money factors are struggling to compete with the likes of Apple and Samsung ... Nokia said it would cut the prices and in the iPhone's in the US ... then race joining me now to look at the light dawns ... Nokia we've ... we've been doing with ... this world and about to come up in the US and cut prices yes ... yes I mean to me offense Nokia Needs nor unusual for companies to introduce the iPod with a run from it and then to help uncover are so that's not an unusual I've ... been in Nokia's case I think we have to be slightly more into this milk is ... absolutely one of my mind is ... actually just on getting through that is burning cash and the real questions about the sustainability ... up on that and they've just gone to shift these buttons ... I mean ... the pub when Michael ... and Michael Kahn A Hamann help and they really haven't helped Amanda at the promo community which has taken off of these when I'd be the next version all ... Windows Phone which is the operating system that Nokia went with ... aam but a mate that is coming out of the small backwoods compassionate with the view that out today and you find in the fun ... that runs Windows seven point five ... it's not gonna run the next one says oh why did you find incredible really and until that changes said a unit to meet ... a need to present caps is a company opened eighteen months get which is leading the open market and and um it was ... a big lead but met my bf and my come in above formula ... is the double Axel ... my son Nokia good yet I'm I mean ... just hang on the go I'm mourning here that ... that that hunting for viscosity is that when ... the new Windows operating system on on the stock's comes out ... into little sign that this try to do so they just didn't write a ... lesson to another ... HTC ... interesting I mean they they have a very strong style now they seem to be an troubling as well as in all that ... well HTC is I have had a problem for all of these men by manufacturers these those who should choose to do with the Android Google's Android operating system ... aam it becomes quite difficult now we we sort my what will Congress in fact in February of this shift toward mobile phones being launched and it was ... very difficult ... to tell one for my mom why do I buy this one right as opposed to this one and HTC which is what he said was very successful has struggled to differentiate its button from ... the likes of the new LG the Nevada some of my cousin to sew it in a given that this this problem with honor and some semi circle I'm too it has fallen to eight Nokia to go with it yet I mean I think the barber losses and to dos I mean you know ... they but they did it was a Rojas is awesome and they would and they didn't under the gun didn't aam ... I stink like doing Queens windows of them ... the problem from full full ... Nokia has always speed ... nor am I sending my friend to sell the entire Windows Phone operating system ... so that's on the negative on the other side if I'd gone we got into it ... I would be the Sonata and went fine and over in saying bye to sixty six ... and bad will leave it that thank you ... to do it ... right with the job right now the libertarian with a look at London's preparation for the two thousand twelve games white midrange is considering a bid for two thousand and twenty ... oh one pushy cycling is warming up nicely ... for the limp is quite Domin eighteen issues told the from ... the two thousand and twelve An and Big Data Sultan just eleven days in London ... but has a price contender for the two thousand and twenty games this bond is capital Madrid ... I'm now joined by Paul Sonne ... has been lucky this fall ... um that you want to win the Eurovision calls Uncle that's because the cost of ... hosting out why and that's what they wanted and didn't think it does this index images third consecutive bid to steal and things I think you know before the crisis there were bidding for it now after Greece's and just continue beating for it ... and the argument now has shifted to ... other this Olympics would bring social and economic recovery to Spain it would help ... out with Spain's use unemployment problem which is around fifty two percent I'm wondering there ... is notoriously expensive to you ... beat the game Zeppelin but then when he when unity in spray for them and how could afford yet mean Madrid claims that are in a Madrid is one the most indebted cities in Spain has six billion euro isn't that the end of two thousand eleven so Richard claims that ... bill but merger in the Spanish government are claiming that by twenty twenty which is when the games will be hosted in about the out of the crisis still be valuable to have solved all their financial problems so should be a problem ... aam they've estimated that begin to concentrate around two point four billion dollars ... um but ... again we know the as we know that we know about these estimates because London initially estimated that it would be three point four billion pounds public costs for the one pink snout to let them ... do it so that's that's more than three to ... study other issue is is is that the RUC like to rotate again Brown consonants in a deep cut but ... makes buying hosted the allin pics in my smudged in Basilan read London's going into ... I'm you ... know yet ... so the three contenders for the two dozen ... or up to ... twenty twenty Olympics are on the stumble Tokyo and Madrid of those three the IOC is actually are great rated Madrid the best contender read on I know it's it's you know in one of the reasons is that Madrid has said that it's going to use a lot of existing infrastructure so ... hot in initial than its initial applications and seventy eight percent the sports venues would actually not happy though there are good there is now the easing of Basilan ... doesn't it isn't a Muslim is mostly it's mostly will be listening that are not yet ... OK it's an interesting ... so um ... you know I mean ... says a pity I it's a safe lead them really concerned about ... really I mean in this time when they all have the scent of yours in Christ Driving isn't really feasible that they can hold Delin picks in just a ... debt will just just a few days ago actually Spain cancel the Masters golf and because it was sponsored by anti which analysis ailing lender that has provoked this bailout on by the euro zone countries of the Spanish banking sector so the question is yet whether whether this is actually kind of all the problem is that all of the estimates in all of the ... fuel cost estimates of the application triggers the change almost daily so it's extremely hard figure out whether or not ... that you know what actually would be done how much things actually costs and if you don't know how much things actually Casa can you really evaluate ... whether or not they can afford ... this it'll be the be ready in time but you know will say ... Paul thank you Brett joins us ... now from twenty two and two thousand and twelve this is summer Olympics begin in London in just eleven days ... of preparations and accelerating as teams of athletes and limp officials stopped arriving in UK capital ... the preparation last week was interrupted ... by promise of a security on infrastructure joining me now ... the the Spirit Chief OC Bilbrey solo Bruce ... Babbitt bridge painting on them for one the main judges in London on them we have these unit ... very well publicized problems with chief forex ... be unable to hire ... enough security in the on the Beaverton process where all we read the preparations ... well if you listen to the ... Olympic organizers are trying to present a ... picture of ... calm preparation but the truth is there been a lot of staffers on the the ramp up of this ... event transportation problems already ... with the bridge that you mention there was a ... sort of a practice drill for overcrowding at two last week that that leave that one so that went awry um ... we had this this this business which is actually sort of concerning about ... this private security contractor that hired to protect the bad news which ... two weeks before the ... Games' opening ... and hire thirty percent of the workforce ... there seems to be something approaching chaos in that area ... and doubt ... long lines of ... Immigration and Customs queues at Heathrow airport ... and on top of everything the weather sticks to ... its quite quite are part of a letter out of it is true the rain the snow still coming down the summit ... now I mean ahead of the ... infrastructure was always going to be one of the key films as flight plan for fried chicken eighty on the ground and the promise about ... cost the UK don't enough investment in infrastructure to make this media which is good that you know we we facing real problems as ... well they've they've invests a lot of money and in place and they've upgraded umm facilities in ... their tube lines and what have you and ... I think it's just couldn't depend on ... how many people decide to stay home they're not gonna bother ... the weather actually does intersect with this because ... if there's a crummy weather makes it more difficult for people to walk cycle or what have you but ... you know these things can also be overblown and Los Angeles in nineteen eighty four ... was a very highly dependent city report ... predicting the greatest ... in old Trafford disaster all-time of truth was ... too many people love ... Elway during the people of the things that the freeways were as free as they'd ... be open and in ... the last of ... I mean is is it useful for kegs and used to suffer the store last May a cheese and consent or in a visit to London oh well you're in a real hothouse environment when you happen to get the Olympics and ... you know on top of that here you have a go you know of very active National Press uncompetitive it's looking for ways to ... sort of code to pump up the story but ... of all these things I would say the one thing that is a ... big and rather serious concern is what happened with the company ... had G four S ... and their shortfalls in hiring and training and events of that is what it was a ladies' tea for something they came out to the weekend is that is not of course than fifty million pounds on this is maybe three under billion contract ... yet there's there's ... room for another sort this point ... the ... for them going forward I think it will be variants is what happens next time they apply for ... public contracts in which they have a lot in the in the UK but ... I do think there is that you know important scramble with some of ... these are jobs that are not just that you know sort of I'm ... checking out you know codes that ... you know at the swimming venue or something this is ... these are people worse was to operate ... screening machines and what have you better to ... prevent people from getting into the dentist's with weapons or ... explosive devices or what have you sell ... aam you know it is a troubling situation ... the military is coming and those are probably the only organized force that out there ... available you have to make now ... emergency accommodation for wear these ... the extra soldiers are going to say it's kind of a mass brought to me ... just eleven basic you I'm all the athletes arriving at me they would ... see two month old but is it just wants get to knuckle down down enjoy the games all ... well I think you know I'm it was exciting over the weekend if you are out on the streets you ... saw ... this love freedom BMW well the whole of the global cars out there ... if you saw somebody in one of those cars was wearing a tracksuit the Madam and it was an athlete so ... was kind of fun to think that to ... finally after seven years is all starting to happen but ... the next couple weeks I think will say love about how ... things are really can Iran if I'm ... I'm a traffic reference sample the just opened a salon to claim is ... today thirty miles of ... road that are supposed to come in over ... the use by a VIP Nathanson what have you ... but not by anybody else ... and a lot of people are striking that the cause delays in chaos ... taxi drivers don't seem to know which roads are to be open and and what have you so ... if they can work or postings the next couple weeks before the start of it might to ... might go ... better than expected RIM's thank you very much to me that ... write head of the allin pics that old if Ross is Andres final week ... of what is the world's biggest road races being still a nation wide bridges Dryden a British team ... I'm now joined by Dobie gold KB London Paris and Paul haven't here in London ... to be a fall in the race ... Paul has been a ... long long time since we haven't pushed it all wrong and why why suddenly they see ... OK will lose a ... bit of history to start with a ... British road cycling spinning world was inhibited for very long time but eighteen ninety ... until the nineteen fifties it was bad you could write ... you couldn't hold ... disliking races on the roads people were afraid that that scare the horses stuff like that right right right ... so ... probably shouldn't be in the majors like an aging way before now but it just took six to seventy years to get started ... um ... a lot of the success and that was based on the success of the track team ... when when Britain's words outside the doors they went indoors to the bedrooms have always had good tradition on the track ... a lot of this like this we're seeing right now live in a train there under the guidance of a very ... successful coach Dick drills for ... these Brolin of very very modern city ... methods of ... physical tribunal conditioning ... Dalai at its entrance to to be ... priced into a ... state that is ... the Wiggins what Indiana Jersey which Ilsey is signifies the race lead and ... I'm the Saudis know about poker and prawns ... well it's the first ever had um it's Billy Bob rather be in the ... Wiggins in and that's mainly because now it's almost inevitable ... given the almost inevitable suspicion I've stated with a new writer ... of racial not ... in a rather daunting is ... the total falls just you know the world's most grueling cycling um ... the race and um ... the TV in recent days I've heard the that French discover ... a number of things about Wiggins and and so he's popularity has been rising in not ... in its they discovered that ... she was born in in Belgian with the guiding expected ... within the cycling cap ... David also notice that he he ... um ... he ... cycled with the French teams before becoming the leader of the SkyTeam riots and ... also they did notice that he speaks of the French would not be going yes yesterday we saw of him ... we saw that the race be disrupted because the two rides go punches off some of her taps on the right ... of a big ... weekend is then ... stole the paddock Siddle was loaded on to allow these runs kept a running the Boston helped him as well ... yes exactly that he's he's he's also done almost neutralize the race well and to make sure ... I don't even as ... was his big rival from Australia ... of suffered the poachers could catch up ... and that's exactly the type of show the lines ... of ... behavior that will help him win over of the French ... and because of good practice ... of these and maybe you remember that um ... Lance Armstrong ... who will be towed falls seven times it was never so popular in France ... exactly because ... she she was so obsessed with winning and in the pain ... the Bush tensions to fair play and and when it was time ... yet ... they could to help pull ... you mix a trend in the last two races Wang time trials become ... heated that the deciding factor ... and then all the most interesting calls the race to walk walk and told to change that ... well I mean with that with insurer is trying to do is is is very ... good essay contest mean we have a long period where ... being a very good climber winning on the on the ... funding stages was the Up sneaky and an upside of things to talk to either of us like this that there are strong and that it has the ... last year and more this year they've decided to smother a slightly and introduce Kiton trials in this is one of the factors that favor spreading weakens that's ... sort of his background is his speciality from the best of the world right now ... um ... I think next year ... they will be buried intending to go back to you to the finish second at the end of last year I get that ... now ... is Wigan's in over ... a few days left in Wigan's called Autolite Social pleasing ... um ... we'll find out on Wednesday and on Wednesday to go to the ... music and and it's a ... very very tough day ... for big climbs were in the cold terminates his is ... the big daddy of ... backsliding exterior Friday's auctions ... and if the if they can get street that has been very good chance because ... the penultimate stage is is that on trial ... I'm not in the final day ... nobody really trucks and off the jersey of the position ... so if he does if he's close ... when he goes into it on trial has been a good chance because he can make a minute maybe two minutes of its closest rivals ... the wedding state you huge house to expect ... that the Chen Zhu ... nobody ... amongst others the ... Italian has very good at climbing will attack ... and of ... people that I can because that's really the last big chance not weak enough wood inside ... but so far weakens esteem a very very strong storyline is ... a protected him and help to compensate some of its deficiencies he's not a very good ... at Sprint run the Madison ... he does react very quickly to an attack ... they've helped him some polls with by the time ... so yes ... what is they will tell my feeling is we don't get it right all thank you very much tell me thank you very much for joining me from Paris